(Los Angeles Times) – It’s been a painful year for Herbalife Ltd.
After an upbeat 2013, the Los Angeles nutritional products company’s stock plunged more than 50% this year amid declining profit and numerous investigations by federal and state agencies.
In March, the Federal Trade Commission said it had opened a civil investigation of Herbalife. State attorneys general in New York and Illinois also launched inquiries of the company, as did the FBI. None of the agencies has taken action, but the news battered the company’s stock.
Herbalife faced more bad news in October, announcing it would pay $15 million to resolve a class-action lawsuit that said it had victimized thousands of its distributors. The company did not admit wrongdoing, but said it would settle to avoid the expense of a protracted legal fight.